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Digital DSA
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+91 85870-33787
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Digital DSA
Personal
Loan
@ 10.75 %
onwards
With 100%
Processing Fees
Refund
+91 85870-33787
support@digitaldsa.com
FAQs
We're here to help
We have the answers to your loan queries
- Home Loan
- EMI Calculator
- Balance Transfer Calculator
- Affordability Calculator
- Eligibility Calculator
- Rate-Ripple Planner
- Strategic Planner
- Part Payment Planner
- Flexible EMI Planner
What is an EMI Calculator?
An EMI Calculator helps you calculate the Equated Monthly Installment (EMI) for a loan based on the loan amount, interest rate, and tenure. It provides insights into your monthly payments, total interest payable, and overall repayment amount.
How do I use the EMI Calculator?
Enter the loan amount, interest rate, and loan tenure into the calculator. The tool will instantly compute and display your monthly EMI, total interest payable, and total repayment amount.
What is an amortization schedule?
An amortization schedule is a detailed table that shows the breakdown of each loan payment over time. It includes the payment date, opening balance, EMI amount, interest amount, principal amount, and closing balance.
Can I view the amortization schedule in different formats?
Yes, you can toggle between calendar year and financial year formats to view the amortization schedule according to your preference.
Why is the total repayment amount higher than the loan amount?
The total repayment amount includes both the principal loan amount and the interest charged by the bank over the loan tenure. This total reflects the full cost of borrowing.
Is the EMI amount fixed throughout the loan tenure?
Yes, the EMI amount remains fixed if you have a fixed interest rate loan. However, for loans with variable interest rates, the EMI amount may change according to fluctuations in the interest rate.
Can I use the EMI Calculator for any type of loan?
Yes, the EMI Calculator can be used for various types of loans, including home loans, personal loans, car loans, and more.
How accurate is the EMI Calculator?
The EMI Calculator provides accurate estimates based on the inputs you provide. However, actual loan terms may vary slightly depending on the lender's policies and conditions.
What if I make a part payment during the loan tenure?
Making a part payment can reduce the principal amount, leading to lower interest charges and potentially a shorter loan tenure. Our Part Payment Planner can help you see the effect of part payments on your loan.
Can I save or print the amortization schedule?
Yes, you can save or print the amortization schedule for your records and future reference.
What is the Balance Transfer Calculator?
The Balance Transfer Calculator helps you evaluate the benefits of transferring your existing loan to a new lender by comparing the total repayment amounts, EMIs, and potential savings.
How do I use the Balance Transfer Calculator?
To use the calculator, follow these steps:
- Enter the principal outstanding amount of your existing loan.
- Specify the remaining loan term (in months) for your existing loan.
- Enter the interest rate (in % P.A.) for your existing loan.
- Specify the loan term (in months), you want to keep for the new bank.
- Enter the interest rate (in % P.A.) for the new loan.
How do I use the Balance Transfer Calculator?
- Principal Outstanding (Existing Loan): The remaining loan amount you owe to your current lender.
- Loan Term (Existing Loan): The remaining duration (in months) of your existing loan.
- Interest Rate (Existing Loan): The interest rate applied to your current loan.
- Principal Outstanding (New Loan): The loan amount you plan to transfer to the new lender.
- Loan Term (New Loan): The duration (in months) for which you will take the new loan.
- Interest Rate (New Loan): The interest rate offered by the new lender for the transferred loan.
How does the calculator determine the impact of the balance transfer?
The calculator compares the total repayment amount (addition of Principal and Interest) and EMIs between your existing loan and the new loan after the balance transfer. It shows:
- Total Repayment with Existing Bank: The total amount you will repay if you continue with your current lender.
- Total Repayment with New Bank: The total amount you will repay if you transfer the loan to the new lender.
- Total Savings: The amount you can save by transferring your loan to lender with lower interest rate.
- Existing EMI: The EMI you are currently paying.
- Proposed EMI: The EMI you will pay after the transfer.
- Savings in EMI: The reduction in EMI after the transfer.
Why should I consider a balance transfer?
A balance transfer can help you save money by reducing your interest rate, lowering your monthly EMIs, or shortening your loan term. It can be beneficial if the new lender offers better terms than your current lender.
What should I do if the savings are not significant?
If the savings from the balance transfer are not significant, consider the following:
- Negotiating better terms with your current lender.
- Exploring offers from other lenders.
- Calculating the total cost of transfer, including any processing fees, insurance loan and other charges like legal fee, technical fee, documentation fee etc.
Can I trust the balance transfer result?
We understand how important it is to get accurate information when considering a balance transfer. Our balance transfer result is an estimate based on the details you provide, designed to give you a clear idea of your potential savings. For the most precise offer and terms, we recommend calculating the total cost of transfer, including any processing fees, insurance loan and other charges like legal fees, technical fees, documentation fees and MoD (if applicable). Rest assured, we're here to support you through every step of your financial journey.
What should I do after using the calculator?
If the balance transfer shows significant savings, you can proceed by applying for the “Balance Transfer” on our platform. Complete the application process and initiate the transfer. Ensure you understand all the terms and conditions before finalizing the transfer.
What is the Loan Affordability Calculator?
The Loan Affordability Calculator helps you determine the maximum property cost you can afford based on your financial profile and loan preferences.
How do I use the Loan Affordability Calculator?
To use the calculator, follow these steps:
- Select your occupation (Government job, Private job, Business).
- Enter the down payment amount you can afford on your own, with help from family or friends.
- Choose your monthly income range.
- Enter your exact monthly income.
- Input total of monthly EMIs you are paying.
- Adjust the slider for your age.
- Select the desired loan term (in years).
- Enter your credit score using the slider.
What does each field in the calculator represent?
- Occupation: Choose whether you work in a government job, private job, or own a business.
- Down Payment: Enter the amount you can pay upfront for the property.
- Range (Monthly Income): Select your monthly income range.
- Monthly Income: Enter your exact monthly income.
- Other EMIs (Monthly): Input the total of all monthly EMIs you are currently paying.
- Age: Specify your age.
- Loan Term (Years): Choose the duration for which you want to take the loan.
- Credit Score: Enter your credit score using the slider to get a more accurate affordability result.
How does the calculator determine loan affordability?
The calculator uses the information provided about your financial profile (down payment, monthly income, existing EMIs, age, credit score) and your preferences (loan term) to estimate the maximum property cost you can afford.
Why is my credit score important?
Your credit score is a crucial factor that lenders consider to determine your creditworthiness. A higher credit score typically results in better loan offers and lower interest rates, which can increase your affordability.
What should I do if the affordability result is lower than expected?
If the maximum property cost you can afford is lower than expected, consider the following:
- Increasing your down payment amount.
- Increasing your monthly income by adding a family member in the loan who is earning.
- Paying off existing EMIs to reduce your monthly liabilities.
- Reduce the remaining tenure of existing loans. By paying off a portion of the outstanding principal on a current loan, you can shorten the remaining tenure to 11 months or less. Lenders typically disregard EMIs that have 12 months or fewer remaining.
Can I trust the affordability result?
Our platform is customer-centric and we understand that the journey to securing a loan can be complex. That's why we've designed our affordability calculator to give you a reliable estimate based on the information you provide. We trust that you’ve given us accurate details and have the necessary documents to support them.
What should I do after using the calculator?
Once you have an estimate of the property cost you can afford, you have 2 options:
- You can start looking for properties within that budget and apply for a loan with your preferred lender.
- You can apply for a pre-approval letter from your preferred lender. Once you know the approved loan amount, you can finalize your property. Afterward, the bank will disburse the loan.
What is the Loan Eligibility Calculator?
The Loan Eligibility Calculator helps you determine how much loan amount you are eligible for based on your financial profile and loan preferences
How do I use the Loan Eligibility Calculator?
To use the calculator, follow these steps:
- Select your occupation (Government job, Private job, Business).
- Adjust the slider for your age.
- Choose your monthly income range.
- Enter your monthly income.
- Input any other monthly EMIs you are paying.
- Select the desired loan term (in years).
- Enter your credit score using the slider.
What does each field in the calculator represent?
- Occupation: Choose whether you work in a government job, private job, or own a business.
- Age: Specify your age.
- Range (Monthly Income): Select your monthly income range.
- Monthly Income: Enter your exact monthly income.
- Other EMIs (Monthly): Input the total of all monthly EMIs you are currently paying.
- Loan Term (Years): Choose the duration for which you want to take the loan.
- Credit Score: Enter your credit score using the slider to get a more accurate eligibility results as Interest Rates vary as per your credit score.
What do the filter options on the right side mean?
The filter options help you sort the loan options based on:
- EMI: Monthly instalment amount. You may want to sort the results based on EMI amount in an creasing order or decreasing order.
- Alphabetical Order: You can use this option to sort the results based on bank names.
- ROI: As the name suggests, this is option to sort results based on Rate of interest.
- Loan Amount: Use this option to sort the results based on the Loan Amount, you are eligible for.
How does the calculator determine loan eligibility?
The calculator uses the information provided about your financial profile (age, income, existing EMIs, credit score) and your preferences (loan term) to estimate the loan amount you may be eligible for.
Why is my credit score important?
Your credit score is a crucial factor that lenders consider to determine your creditworthiness. A higher credit score typically results in better loan offers and lower interest rates.
What should I do if my eligibility result is lower than expected?
If the loan amount you are eligible for is lower than expected, consider the following:
- Increasing your monthly income by adding a family member in the loan who is earning.
- Paying off existing EMIs to reduce your monthly liabilities.
- Reduce the remaining tenure of existing loans. By paying off a portion of the outstanding principal on a current loan, you can shorten the remaining tenure to 11 months or less. Lenders typically disregard EMIs that have 12 months or fewer remaining.
Can I trust the eligibility result?
At our platform, we understand that the journey to securing a loan can be complex. That's why we've designed our eligibility calculator to give you a reliable estimate based on the information you provide. We trust that you’ve given us accurate details and have the necessary documents to support them. While the final offer will come from your chosen lender, rest assured that we work tirelessly to ensure it meets your expectations. We're here to support you every step of the way.
What is the Rate-Ripple Planner?
The Rate-Ripple Planner is a tool that helps you understand the impact of changing the interest rate on your existing loan. You can see how adjustments to the interest rate affect your loan’s tenure and total interest paid.
How do I use the Rate-Ripple Planner?
Start by entering your occupation, current age, loan amount, current interest rate, loan tenure, and loan start date. On the next page, specify the new interest rate and the date of change. Choose whether you want to see the impact on EMI amount or loan tenure, and click "Add row" to view the results.
What options do I have for viewing the impact of interest rate changes?
You can choose to see how changing the interest rate affects either the EMI amount or the loan tenure. This allows you to understand the impact based on your specific financial goals.
Can I see a detailed repayment schedule?
Yes, the Rate-Ripple Planner provides an updated repayment schedule with a toggle option between the calendar year and financial year. This schedule can be downloaded or saved for future reference.
Why should I use the Rate-Ripple Planner?
The Rate-Ripple Planner helps you make informed decisions about changing your loan’s interest rate. By visualizing the impact on both EMI and tenure, you can optimize your loan repayments, potentially saving on interest costs and managing your finances more effectively.
What is a Home Loan?
Home Loan is a secured loan taken from a bank or financial institution to purchase a property. The property is used as collateral until the loan is repaid in full.
How much deposit do I need for a Home Loan?
Typically, you need to save up a deposit of at least 20% of the property's value. A larger deposit (25% or more) can provide you with better loan options.
How do I check my eligibility for a Home Loan?
Use our Eligibility Calculator to determine your Home Loan eligibility based on your income, expenses, and credit score.
What documents are required to apply for a Home Loan?
Common documents include:
- Proof of identity (Aadhaar card, passport, etc.)
- Proof of address (utility bills, rent agreement, etc.)
- Income proof (salary slips, bank statements, ITR, etc.)
- Property documents (sale agreement, title deed, etc.)
What is an In-Principle Approval?
An In-Principle Approval is a conditional approval from a lender indicating the amount they are willing to lend you based on your financial profile. It helps in property hunting and shows sellers you're a serious buyer.
Should I choose a fixed or variable interest rate?
It depends on your financial situation and market conditions. A fixed rate offers stability with a set interest rate for a period, while a variable rate can fluctuate, potentially saving you money if rates decrease. For more details, check out our guide on Fixed vs. Variable Interest Rates.
How can I make part payments on my Home Loan?
Part payments can be made in various ways:
- Parking extra funds in a linked savings account to offset the interest
- Making lump sum payments at regular intervals
- Increasing your EMI periodically.
- Use our Part Payment Planner to see how partpayments can impact your loan.
What is Pre EMI?
Pre EMI is the interest paid on the disbursed loan amount for under-construction properties until the loan is fully disbursed. Once fully disbursed, you start paying regular EMIs
How do I decide the loan tenure?
The loan tenure is the period over which you repay the loan. A longer tenure means lower monthly payments but higher total interest. A shorter tenure has higher monthly payments but less total interest. Use our EMI Calculator to find the right balance for you.
What happens after I get an offer accepted on a property?
Once your offer is accepted:
- Apply for the Home Loan with the necessary documents.
- The lender will conduct legal and technical checks on the property.
- Upon satisfactory checks, the lender will issue a loan agreement.
- Review and sign the agreement.
- The loan will be disbursed, and you can proceed with the property purchase.
Can I switch from a fixed to a variable rate, or vice versa?
Yes, many lenders offer the flexibility to switch between fixed and variable rates. However, there may be fees or conditions attached. Check with your lender for specific details
How do I boost my credit score for a better loan deal?
To improve your credit score:
- Pay your bills on time.
- Reduce existing debt.
- Avoid applying for multiple loans or credit cards simultaneously.
- Correct any errors in your credit report.
What is a Pre-Approval Letter?
A Pre-Approval Letter is a document from a lender stating the loan amount you qualify for based on your financial status. It helps in property negotiations and shows sellers you're a serious buyer.
How do I use the Part Payment Planner?
The Part Payment Planner allows you to input part payment amounts and intervals to see how they affect your loan's interest and tenure, helping you optimize your repayment strategy.
What is the Strategic Planner?
The Strategic Planner combines the benefits of part payments and EMI adjustments, allowing you to tailor both elements to maximize savings and shorten your loan duration.
What should I do if I need help with my Home Loan application?
If you need assistance, contact our support team or consult with a Home Loan broker. We're here to help you navigate the application process and find the best deal for you. Explore our planners and calculators to make your Home Loan journey smoother and smarter!
What is the Strategic Planner?
The Strategic Planner is a combined tool that integrates features from the Part Payment Planner and the Flexible EMI Planner. It helps you manage both part payments and EMI adjustments to optimize your loan repayment.
How do I use the Strategic Planner?
Begin by entering your loan details (occupation, age, loan amount, interest rate, tenure, start date). Next, select your part payment intervals and specify the amount and duration. Then, choose how you want to adjust your EMIs. Click "Add row" to see the combined impact on tenure and interest.
What options do I have for part payments and EMI adjustments?
For part payments, you can choose intervals like monthly, quarterly, half-yearly, annually, biennial, or lump sum. For EMI adjustments, you can increase your EMI annually, biennially, or set custom EMI amounts and start dates.
Can I see a detailed repayment schedule?
Yes, the tool provides an updated repayment schedule with an option to toggle between the calendar year and financial year. You can download or save this schedule for future reference.
Why should I use the Strategic Planner?
The Strategic Planner allows you to comprehensively manage your loan by combining part payments and EMI adjustments. This helps you optimize your loan repayment, potentially saving on interest costs and reducing loan tenure.
What is the Part Payment Planner?
The Part Payment Planner is a tool designed to help you understand the impact of part payments on your existing loan. By entering specific loan details and choosing part payment intervals, you can see how part payments affect your loan tenure and interest amount.
How do I use the Part Payment Planner?
Start by entering your occupation, current age, loan amount, current interest rate, loan tenure, and the loan start date. On the next page, select your preferred part payment intervals (monthly, quarterly, half-yearly, annually, biennial, or lump sum), and specify the period and amount of part payments. Click "add row" to see the impact on your loan's tenure and interest.
What information do I need to provide to use the tool?
You need to provide your occupation, current age, loan amount, current interest rate, loan tenure, and the loan start date. For part payments, you'll need to specify the intervals, duration, and amount of each part payment.
Can I see the repayment schedule in different formats?
Yes, the Part Payment Planner provides a repayment schedule with a toggle button that allows you to switch between the calendar year and financial year views, giving you flexibility in viewing your repayment plan.
Why should I consider making part payments on my loan?
Making part payments can significantly reduce the total interest paid over the life of the loan and shorten the loan tenure. This tool helps you visualize these benefits, enabling you to make informed decisions about your loan repayment strategy.
What is the Flexible EMI Planner?
The Flexible EMI Planner is a tool that helps you understand the impact of changing your EMI amounts on your existing loan’s tenure and interest. You can adjust your EMIs based on your financial situation and see the immediate effects.
How do I use the Flexible EMI Planner?
Start by entering your occupation, current age, loan amount, current interest rate, loan tenure, and loan start date. On the next page, choose how you would like to change your EMI: annually, biennially, or by setting your own custom amounts and start dates. Enter the required details and click "Add row" to see the impact on your loan.
What options do I have for changing my EMI?
You have three options:
- Increase EMI every year by a fixed amount or percentage.
- Increase EMI every two years by a fixed amount or percentage.
- Select your own EMI amounts and start dates, allowing for flexible increases or decreases as needed.
Can I lower my EMI using this tool?
Yes, you can lower your EMI using the third option, "I will select my own amount and start date." However, the system will ensure that the reduced EMI does not extend your loan tenure beyond 30 years or the maximum age limit for repayment based on your occupation.
Why should I use the Flexible EMI Planner?
The Flexible EMI Planner allows you to tailor your EMI payments to match your financial capacity and goals. Whether you want to increase your EMIs regularly or adjust them based on your financial situation, this tool helps you manage your loan efficiently, potentially saving on interest and optimizing your repayment schedule.
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